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we got SMI

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stay_positive
stay_positive Community member Posts: 252 Pioneering
Well the SMI has been paid since last October , they added the arrears to the total we owe , the support still does not cover all the interest , so with what we are paying and the SMI there is still some arrears building up .
At least it is something to help towards it , yes we will have to pay it back once we sell assuming we have enough equity , I am happy to be in a stable state now , and the mortgage providers are not pushing us , maybe they know we have at least 78grand equity right now , but if they keep adding interest they lose it if they ever force us out (which they said they won't because I am a cancer survivor) 
But we will need to sell and move in the near future as we only have 12.8 years left on the mortgage , and putting it onto repayment is impossible with the high interest rates . 
So for now things are good. 
I need to make a new thread about UC and to see if anyone can advise how things would be if we sold and bought cash to get rid of the mortgage .
Thanks to Poppy who has a been an amazing support to me .

Comments

  • poppy123456
    poppy123456 Community member Posts: 57,016 Disability Gamechanger
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    Good to see you posting! Thanks for the kind words too. Glad to hear the SMI is helping.

    I need to make a new thread about UC and to see if anyone can advise how things would be if we sold and bought cash to get rid of the mortgage .
    Thanks to Poppy who has a been an amazing support to me .

    I'm assuming you mean what would happen if you used the equity in your house to purchase a property? Paying off debt is not treated as deprivation of capital when claiming UC so there wouldn't be an issue doing this for the home you live in.

    If there's a delay in buying another property if you sell your current one then the capital can be disregarded for 6 months, sometimes longer. Your UC would then continue as normal.

    Either way, you would still need to report any savings you have if it's over £6,000.
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
  • stay_positive
    stay_positive Community member Posts: 252 Pioneering
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    Hi poppy, I've been having issues signing in , and had to keep changing my password. 
    Thanks for the information regarding selling and buying a new property. Things are certainly improving right now . When our original mortgage provider sold ours to another company we were very worried on top of my health issues, but they have been very kind and have helped the best they can . 
    So for now we are getting some repairs done to the house and for the time being we are just going to wait and take time to cool down as since 2022 life seemed so hectic with illness hospitals , getting benefits sorted etc. You have been my rock and without your knowledge and help I would not have known half of what to expect. 
    Thank you as always . 
  • poppy123456
    poppy123456 Community member Posts: 57,016 Disability Gamechanger
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    Lovely to hear from you again and very happy to hear that things are improving, that is very good news.

    It's always my pleasure to help anyone i can and when someone like yourself appreciates it then it makes it even more worth while. As always, thank you for such kind words!
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
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